The Government published its response to “No Stone Unturned” by my right hon. and noble Friend Lord Heseltine in March 2013. That response accepted in full or in part 81 out of Lord Heseltine's 89 recommendations.
The Government continue to take forward these recommendations to ensure that we rise to the challenge to significantly advance the process of decentralisation, unleash the potential of local economies, strengthen partnerships with industry and foster economic growth.
Central to the Government's response was the creation of the Local Growth Fund (LGF). The LGF amounts to £2 billion in 2015/16 and this includes funding from transport, skills and housing. There is an ongoing commitment that the LGF will be at least £2 billion per year for the life of the next Parliament.
As set out in the spending round, the LGF will bring the resources under the strategic influence of local economic partnerships (LEPs) to at least £20 billion in the years to 2021. The Government will determine the future composition of the LGF at the next spending review.
Funds will be allocated from the LGF as part of growth deals, which are being negotiated with every LEP. As part of this, LEPs were asked to develop multi year strategic economic plans for their area. The 39 LEPs shared their first drafts with Government in December 2013. LEPs have been given extra resource (up to £250,000 per LEP) to develop these strategies. BIS officials are working with LEPs on the development of the plans.